Of course inflation is "just" businesses increasing their prices, how else would prices increase - they are decided by humans after all. It's STILL the fault of loose monetary policy. Do you understand that?
Many people mention corporate profits drive inflation like that's the end of the conversation. It's the equivalent of saying your house got flooded because the door broke open (allowing the raging hurricane outside to get in). It's pointing at a barely relevant proximal cause to ignore the real issue (the raging hurricane).
The economy is a system of individual actors. Everyone is constantly trying to raise their price (employees and employers included). When you do the equivalent of doubling the money supply in under a year, combined with covid supply chain issues, you create an environment where actors in the economy are able to dramatically increase their prices - often out of necessity because their competitors and suppliers are doing the same. The consequence is inflation. This happens if and only if you dump massive amounts of money into the economy above and beyond what can be absorbed by the rate of production.
In a sense, both are technically true: inflation is because Biden among other world leaders flooded the economy with money, and the economy aka the system of individual actors reacted to this and found they were able to raise prices because the economy could sustain that. The difference is that one of these is a massive unforced error with easily foreseen consequences that caused significant suffering, and the other is human nature (wrapped up in a prisoner's dilemma).
The blame is still rightfully entirely on people like Biden who greenlit this objectively terrible policy.
Many people mention corporate profits drive inflation like that's the end of the conversation. It's the equivalent of saying your house got flooded because the door broke open (allowing the raging hurricane outside to get in). It's pointing at a barely relevant proximal cause to ignore the real issue (the raging hurricane).
The economy is a system of individual actors. Everyone is constantly trying to raise their price (employees and employers included). When you do the equivalent of doubling the money supply in under a year, combined with covid supply chain issues, you create an environment where actors in the economy are able to dramatically increase their prices - often out of necessity because their competitors and suppliers are doing the same. The consequence is inflation. This happens if and only if you dump massive amounts of money into the economy above and beyond what can be absorbed by the rate of production.
In a sense, both are technically true: inflation is because Biden among other world leaders flooded the economy with money, and the economy aka the system of individual actors reacted to this and found they were able to raise prices because the economy could sustain that. The difference is that one of these is a massive unforced error with easily foreseen consequences that caused significant suffering, and the other is human nature (wrapped up in a prisoner's dilemma).
The blame is still rightfully entirely on people like Biden who greenlit this objectively terrible policy.